Canada’s two largest railways move record grain in June, second quarter

Canada’s two largest railways move record grain in June,  second quarter
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Canada’s two largest railways moved record quantities of grain in the second quarter after benefiting from another strong month in June.

Canadian National Railway says it is on pace for record shipments of grain this year after record movements of Canadian grain last month and the quarter as a whole contributed to its best performance in the first half-year.

The Montreal-based railway says it is on pace to move 26.9 million tonnes this crop year, up from 26.5 million tonnes last year after moving 15 million tonnes from January to June, 8.15 million tones in the second quarter and 2.7 million tonnes in June, its fourth consecutive monthly high.

Canadian Pacific Railway says it moved a record 8.41 million tonnes last quarter after shipping 2.76 million tonnes of grain and grain products in June.

The Calgary-based railway says it was the best three-month stretch since the 7.9 million tonnes moved in the fourth quarter and best June in six years when 2.4 million tonnes was moved.

The country’s railways have ramped up shipments of Western grain by using larger hopper cars and trains while customers have been investing in elevator networks to accommodate 8,500-foot trains.

This report by The Canadian Press was first published July 7, 2020.

Companies in this story: (TSX:CNR, TSX:CP)

The Canadian Press

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